Route Mobile share hits fresh high on 152% rise in Q2 net profit

Route Mobile share hit a fresh high today after the firm reported a 152% rise in net profit for the quarter ended September. Share price of Route Mobile rose up to 8.46% to Rs 990 against previous close of Rs 912.75 on BSE. 

The stock has gained 19.34% in the last 3 days. Market cap of the firm climbed to Rs 5,396 crore.

Total 3.17 lakh shares changed hands amounting to turnover of Rs 30.13 crore. Later, the stock closed 3.98% or Rs 36.35 higher at Rs 949.10 on BSE.

Route Mobile stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a month, the share has gained 14.56%. The stock has risen 15.75% in a week.

Route Mobile reported net profit of Rs 32.7 crore in Q2 against Rs 13 crore profit in corresponding quarter of previous fiscal. Revenue rose 76% to Rs 354.5 crore in Q2 against Rs 201.4 crore revenue in corrspsonding period of previous fiscal.

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The firm also reported 128% rise in profit after tax at Rs 59.7 crore in first half of  the current fiscal against Rs 26.2 crore profit during the corresponding period of previous fiscal.

"Route Mobile witnessed positive momentum in revenues through the past 6 months (period ended September 2020)," said the company, adding COVID-19 resulted in accelerated adoption of digitisation initiatives by enterprises across the globe, and enterprises implemented significantly larger number of digital communication case studies, leveraging various communication channels.

The company has cash on books at Rs 393.5 crore as of September 2020.